SNB: Jordan to step down as SNB Chairman at end of September
Mar-01 06:28
- The SNB Chairman Thomas Jordan has announced he will step down at the end of September.
- This will make Jordan's last monpol meeting 26 September and since the SNB only holds quarterly monpol meetings there should be plenty of time to get a replacement in for Jordan in place in time for the following meeting on 12 December.
- Although there are 3 members of the SNB Executive Board, the setup of the SNB gives the Chairman a lot more influence over monpol than with other central banks.
- There is not much reasoning in the statement to explain his early departure and the SNB has expressed that it "greatly regrets" Jordan's decision. Some point to Credit Suisse's issues as a potential catalyst, although we can't be certain, especially with the decision seemingly driven by Jordan, not the SNB.
- Jordan's term hadn't been due to end until 2027.
- The full press release is available here.
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LOOK AHEAD: UK Timeline of Key Events (Times GMT)
Jan-31 06:23
| Date | UK | Period | Event |
| 01-Feb | 0930 | Jan | S&P Global Manufacturing PMI (Final) |
| 01-Feb | 1200 | Bank Of England Interest Rate | |
| 01-Feb | 1230 | BoE Press Conference | |
| 01-Feb | 1400 | Jan | DMP Data |
| 02-Feb | 1215 | BOE's Pill- MPR National Agency briefing | |
| 06-Feb | 0001 | Jan | BRC-KPMG Shop Sales Monitor |
| 06-Feb | 0930 | Jan | S&P Global/CIPS Construction PMI |
| 07-Feb | 0840 | BoE's Breeden Speaks At Women In Economics Event | |
| 08-Feb | 1500 | BoE's Mann Speaks At OMFIF | |
| 13-Feb | 0700 | Dec/Jan | Labour Market Survey |
| 14-Feb | 0700 | Jan | Consumer inflation report / Producer prices |
| 15-Feb | 0700 | Dec / Q4 | GDP / Services / Production / Trade / Construction |
| 16-Feb | 0700 | Jan | Retail Sales |
| 21-Feb | 0001 | Jan | XpertHR pay deals for whole economy |
| 21-Feb | 0700 | Jan | Public Sector Finances |
| 22-Feb | 0930 | Feb | S&P Global/ CIPS UK Flash PMI |
EURGBP TECHS: Bearish Outlook
Jan-31 06:21
- RES 4: 0.8768 High Nov 20
- RES 3: 0.8715 High Dec 28 and the bull trigger
- RES 2: 0.8676 High Jan 3
- RES 1: 0.8576/8609 20- and 50-day EMA values
- PRICE: 0.8536 @ 06:20 GMT Jan 31
- SUP 1: 0.8513 Low Jan 29
- SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
- SUP 3: 0.8454 61.8% of the Mar 7 - Sep 26 ‘23 bull phase
- SUP 4: 0.8388 Low Aug 17 2023
EURGBP bears remain in the driver’s seat. Recent weakness resulted in a break of support at 0.8549, the Dec 11 low, strengthening the current bearish condition. Monday’s extension, further reinforces the downtrend. Sights are on 0.8493, the Aug 23 ‘23 low and a key support. The 50-day EMA, at 0.8609, is the initial firm resistance to watch. First resistance is at 0.8576, the 20-day EMA.
LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)
Jan-31 06:18
| Date | Time | Country | Event |
| 31-Jan | 0700 | DE | Import/Export Prices / Retail Sales |
| 31-Jan | 0745 | FR | HICP (p) / PPI |
| 31-Jan | 0855 | DE | Unemployment |
| 31-Jan | 0900 | DE | North Rhine Westphalia / Bavaria CPI |
| 31-Jan | 1300 | DE | HICP (p) |
| 01-Feb | 0815 | ES | S&P Global Manufacturing PMI (f) |
| 01-Feb | 0845 | IT | S&P Global Manufacturing PMI (f) |
| 01-Feb | 0850 | FR | S&P Global Manufacturing PMI (f) |
| 01-Feb | 0855 | DE | S&P Global Manufacturing PMI (f) |
| 01-Feb | 0900 | EU | S&P Global Manufacturing PMI (f) |
| 01-Feb | 1000 | EU | HICP (p) / Unemployment |
| 01-Feb | 1000 | IT | HICP (p) |
| 01-Feb | 1130 | EU | ECB's Lane remarks at EIEF |
| 02-Feb | 0745 | FR | Industrial Production |
| 05-Feb | 0700 | DE | Trade Balance |
| 05-Feb | 1000 | EU | PPI |
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